4. Imports and Market Supply. Two nations supply sugar to the world market. Lowland has a minimum supply price of 10 cents per pound, while Highland has a minimum supply price of 24 cents per pound. For each nation, the slope of the supply curve is 1 cent per million pounds. a) Draw the individual supply curves and the market supply curve. At what price and quantity is the sup- ply curve kinked? b) The market quantity supplied at a price of 15 cents is____________ million pounds. The market quantity supplied at a price of 30 cents is ____________million pounds.
4. Imports and Market Supply. Two nations supply sugar to the world market. Lowland has a minimum supply price of 10 cents per pound, while Highland has a minimum supply price of 24 cents per pound. For each nation, the slope of the supply curve is 1 cent per million pounds. a) Draw the individual supply curves and the market supply curve. At what price and quantity is the sup- ply curve kinked? b) The market quantity supplied at a price of 15 cents is____________ million pounds. The market quantity supplied at a price of 30 cents is ____________million pounds.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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4. Imports and Market Supply. Two nations supply sugar to the world market. Lowland has a minimum supply
a) Draw the individual supply curves and the market supply curve. At what price and quantity is the sup- ply curve kinked?
b) The market quantity supplied at a price of 15 cents is____________ million pounds. The market quantity supplied at a price of 30 cents is ____________million pounds.
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